The expert in real estate and financial engineering, Abderrahmane Benyamina, has highlighted the need to adopt a quantitative economic view of the land property as trans-boundary to tally with neighboring countries in terms of financial engineering so as to curtail economic losses and avert natural disaster impacts, noting that the serious strategic error of Algeria, he noted, is the superficial view of the land property which is based only on the construction of the largest number of square meters.
Speaking during the “Morning Guest” program of the national first radio channel on Monday, he dwelt on the serious floods that hit earlier this week the south-eastern province of Illizi, and pointed to “the imbalance in the national plan to map out the territory in 2010 and the jurisdiction of 12 border provinces, representing 40 percent of the area of Algeria equivalent to 300 million square kilometers, while the population is only 3 percent, while the coastal population is 67 percent scattered over 4 percent of the territory, which is a big contradiction,” as he put it.
“The construction of cities is carried out by individuals, not real estate, because it is stable, although we do not have a volume view of cross-border real estate engineering, owing to our relations with neighboring countries such as Mali, Niger, Libya and Tunisia, as well as the Economic Community of West African States (ECOWAS), as a result, he said, “there will be no proper investment for lack of profitability.”
Mr Benyamina believes that a large country such as Algeria, with a total area of 2,382,000 km2, is not strategically structured as a population of more than 41 million inhabitants cannot be structured by the Finance Act.
“It is rather built with strategic funding through the development of financial engineering in the form of 48 bona-fide institutions spread across the national territory”, he underlined.
The Guest of the radio also indicated that “the total view of the land property volume, is lacking because of the absence of the Ministry of Economy and the setting up of an information bank in a chaotic manner, adding that the solution lies in the implementation of a sound scientific approach geared to the collection of information, whether related to floods or other natural risks”.
He further indicated that a monitoring group made up of seasoned experts with the help of Algerian masterminds settled abroad will enable us to develop a strategic interface for real estate in Algeria.